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FOR IMMEDIATE RELEASE
Gatekeeper Systems Announces Closing of $1.97 Million Non-Brokered Private Placement Units Offering
Abbotsford, BC July 28, 2015 – Gatekeeper Systems Inc. (“Gatekeeper” or the “Company”) (TSX.V: GSI; OTC: GKPRF) announces that it has closed the second and final tranche of its non-brokered private placement offering as announced on July 9 and 24, 2015 (the “Offering”) for gross proceeds of $689,875. The Company issued a total of 13,139,501 units (the “Units”) in the Offering at a price of $0.15 per Unit, for total gross proceeds of $1,970,925.
Each Unit consists of one common share and one-half of one common share purchase warrant (the “Warrant”). Each full Warrant is exercisable at $0.25 for a period of 24 months from the date of issue.
Doug Dyment, President and CEO of Gatekeeper commented, “I am encouraged by the market support for Gatekeeper that has resulted in this oversubscribed offering. This capital will be important for our Company as we begin to transition our mobile video security products to high definition technology. In addition, funds will be strategically deployed to expand distribution and product development activities in the body camera and stop-arm camera video enforcement markets, as the Company shifts to a Software-as-a-Service (“SaaS”) recurring revenue business model.”
Proceeds of the Offering will be used to fulfill the Company’s current backlog of orders, support inventory, develop software and products, expand the sales and engineering team and for general working capital.
Finder’s fees in connection with the second tranche totaled $48,796 in cash, plus 325,307 warrants. Each finder’s warrant is exercisable to acquire one common share at an exercise price of $0.25 for a period of 24 months from the date of closing.
Securities issued pursuant to the Offering are subject to a four-month hold period from the date of the applicable closing, which hold periods expire on November 17 and 28, 2015 for the first and second tranche, respectively.
The Company also notes that the previously reported figures for the first tranche of the Offering have been revised. The correct figures are: 8,540,333 Units for gross proceeds $1,281,050 (not $1,311,050 as originally announced) and finder’s fees of $83,341 and 555,606 warrants.
About Gatekeeper Systems Inc.
Gatekeeper provides innovative, end-to-end video safety and security solutions for mobile applications including body cameras, in-car police video systems, school bus video and stop arm camera video enforcement systems, transit bus video systems, and airborne digital recording systems for military applications.
The Company is headquartered in Abbotsford, British Columbia, Canada, and its shares are traded on the TSX Venture Exchange under the symbol “GSI”, and on the OTC Markets under the symbol “GKPRF”.
For more information visit: www.gatekeeper-systems.com.
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